Shiba Inu (SHIB) Slides to 3-Month Low Despite Intensified SHIB Burn Rate

The SHIB Army remains optimistic as their cherished Japanese dog token catches a friendly fire.

Shiba Inu in silver puddle

The popular memecoin Shiba Inu (SHIB) slid down further today in the crypto charts by total market capitalization. The altcoin OKB (OKB) overtook the Japanese guard dog-themed crypto by $200 million, snatching away the 14th spot. This comes exactly a week after the OG altcoin Litecoin (LTC) surpassed SHIB by market capitalization.

SHIB Market Price Ready for Reversal

Even though SHIB slipped two positions in two weeks, the market price of SHIB is due for a reversal at $0.00000886, according to Crypto Singal Masters. On top of that, SHIB might be heading for a reversal from its all-time high (ATH). The highest market price so far was $0.00008616, set over a year ago.

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The canine coin’s market cap shrunk by 2.88% yesterday but managed to bounce back after the groundbreaking news that FTX’s disgraced founder Sam Bankman-Fried was arrested in the Bahamas by local authorities and might be extradited to the United States.

Hence, SHIB now trades at $0.00000933, according to CoinGecko. With 5.2% in the green since the authorities made a breakthrough in catching SBF, the canine coin is now headed toward the crucial $0.00001 support line.

SHIB Burn Rate Accelerates After the Fireside Chat

The SHIB Army members send SHIB tokens to dead wallets to achieve this. The SHIB burning process is closely monitored by Shibburn, which reported a whopping 329.96% increase in the SHIB burn rate. Overall, there were 42 million Shiba Inu (SHIB) tokens set aflame in the last 24 hours.

In addition, YouTuber and crypto influencer YourPOP disclosed that one Crypto.com wallet sent another generous 19 million SHIB coins to the abyss. Furthermore, the donor is the owner of SHIB: SuperStore. Besides, Last week’s SHIB: The Metaverse Fireside Chat regarding the WAGMI Temple inspired crypto enthusiasts to contribute towards maintaining SHIB’s Ecosystem.

On the Flipside

  • Many SHIB holders still wait for the upcoming SB Visa Card with auto-burn function.
  • The SB Visa Card was announced half a year ago with no launch date.
  • Part of the community is displeased with delays in Shibarium, the Layer-2 upgrade. 
  • Shibarium is crucial for all other projects in SHIB’s Ecosystem.

Why You Should Care

With over 3.5 million followers on Twitter alone and 145,507 members on Discord, the SHIB Army is one of the most engaged communities in today’s crypto world.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.